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This land contract outlines the agreement between the seller and purchaser, detailing payment terms, responsibilities, and property conditions for a sale in Michigan.
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What is land contract?
A land contract is a legal agreement between a buyer and a seller in which the buyer agrees to pay for the property in installments while the seller retains the title until the full purchase price is paid.
Who is required to file land contract?
Typically, the seller or the lender is required to file a land contract to ensure the agreement is recognized legally and protect the rights of both parties involved.
How to fill out land contract?
To fill out a land contract, both parties must agree on the terms such as purchase price, payment schedule, interest rate, and any contingencies. It's important to clearly define all terms and have both parties sign the document.
What is the purpose of land contract?
The purpose of a land contract is to provide a secure method for buyers to purchase property and for sellers to receive payment over time without transferring the title until all payments are completed.
What information must be reported on land contract?
A land contract must include details such as the purchase price, payment schedule, interest rate, property description, and signatures of both the buyer and seller.
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